Singapore Bourse May Reclaim 3,100-Point Plateau

(RTTNews) - The Singapore stock market on Tuesday wrote a finish to the four-day slide in which it had stumbled more than 115 points or 3.8 percent. The Straits Times Index now sits just above the 3,080-point plateau and it may extend its gains on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting and earnings news. The European and U.S. markets were up and the Asian markets are expected to follow that lead.

The STI finished sharply higher on Tuesday as the financial hares, property stocks, REITs and industrials were mostly in the green.

For the day, the index climbed 30.52 points or 1.00 percent to finish at 3,083.88 after trading between 3,053.18 and 3,087.70.

Among the actives, Ascendas REIT climbed 2.00 percent, while CapitaLand Integrated Commercial Trust increased 1.78 percent, CapitaLand Investment rose 0.99 percent, City Developments added 0.48 percent, Comfort DelGro added 1.55 percent, DBS Group collected 0.42 percent, Genting Singapore perked 0.61 percent, Hongkong Land tumbled 2.46 percent, Keppel Corp advanced 1.59 percent, Mapletree Pan Asia Commercial Trust improved 2.33 percent, Mapletree Industrial Trust spiked 2.82 percent, Mapletree Logistics Trust accelerated 2.76 percent, Oversea-Chinese Banking Corporation collected 0.47 percent, SATS gained 1.23 percent, Seatrium Limited rallied 2.68 percent, SembCorp Industries rose 0.44 percent, Singapore Technologies Engineering was up 0.53 percent, SingTel surged 3.46 percent, Thai Beverage gathered 0.96 percent, Wilmar International jumped 2.35 percent, Yangzijiang Financial slumped 1.59 percent, Yangzijiang Shipbuilding soared 2.84 percent and Emperador and Keppel DC REIT were unchanged.

The lead from Wall Street is upbeat as the major averages opened higher on Tuesday and remained in the green throughout the session.

The Dow jumped 204.97 points or 0.62 percent to finish at 33,141.38, while the NASDAQ gained 121.55 points or 0.93 percent to end at 13,139.88 and the S&P 500 added 30.64 points or 0.73 percent to close at 4,247.68.

The strength on Wall Street reflected a positive reaction to the latest batch of earnings news, as a number of big-name companies reported better than expected quarterly results, including General Electric (GE), 3M Co. (MMM) and Coca-Cola (KO).

Crude oil prices fell sharply Tuesday, extending losses to a third straight session amid concerns about the outlook for energy demand, while the dollar's rally also weighed. West Texas Intermediate Crude oil futures for December sank $1.75 or 2.1 percent at $83.74 a barrel.